McCarthy Signs Bill To Kill Biden’s Attempts To Destroy American’s Retirement Plans
Republican Speaker of the House Kevin McCarthy signed a bipartisan bill Thursday that will nullify the Biden Administration’s Department of Labor rule that would allow retirement plan managers to focus on low-return environmental and social (ESG) investments, The Federalist reported.
Under former President Donald Trump, investments had to be done to enhance retirement savings. Since Biden took office, fiduciaries can put your money into low-return ESG funds. The myth is that these investments will “save the planet.” In reality, they destroy the stability of American retirement.
“President Biden is prioritizing politics over his own people,” McCarthy said as he signed the bill.
(READ MORE: Americans Forced To Choose Between Eating And Heating)
Happening now: I’m about to sign the first bipartisan bill of the year, then send it to the president’s desk. It blocks Biden’s woke ESG agenda and puts workers over Wall Street. https://t.co/cXauyBoTrv
— Kevin McCarthy (@SpeakerMcCarthy) March 9, 2023
“Hardworking Americans don’t need a regulation from Washington that steers them into higher fee, lower performing, less diversified funds, and that’s what these so-called ESG funds are,” Republican Kentucky Rep. Andy Barr said of the bill, which he introduced in February. “Where people who are invested in ESG — unwittingly and without their consent in many cases — they suffer losses far greater than the average investor who is broadly and diversely invested across the board. And it’s true: these funds carry 43 percent higher fees which also eat their returns.”
The bill is the first to pass through the House and Senate for this, our 118th Congress. It will now land on President Joe Biden’s desk for approval. The Federalist believe that Biden will veto the bill, proving that he doesn’t care about the American people. He cares about what he wants.
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